| Wed 7 Mar 2012, 15:45 | | AFT - Afrimat Limited - Update on the acquisition by Afrimat Limited of the |
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AFT
AFT
AFT - Afrimat Limited - Update on the acquisition by Afrimat Limited of the
Clinker Group
Afrimat Limited
Incorporated in the Republic of South Africa
(Registration number: 2006/022534/06)
Share code: AFT ISIN: ZAE000086302
("Afrimat" or "the Company")
UPDATE ON THE ACQUISITION BY AFRIMAT LIMITED OF THE CLINKER GROUP
Shareholders are referred to the announcement on 12 December 2011, regarding
Afrimat entering into an agreement to acquire 100% of the issued ordinary share
capital of SA Block (Pty) Limited and its 100% owned subsidiary Clinker Supplies
(Pty) Limited (jointly referred to as the "Clinker Group" or "Group"), for an
indicative purchase consideration of R123.5 million (one hundred and twenty
three million, five hundred thousand rand) ("the Purchase Consideration") from
Aureos Southern Africa Fund LLC, Hans-Elisabeth Pfeffer No.1 Trust, Hans-
Elisabeth Pfeffer No.2 Trust, Hans-Elisabeth Pfeffer No.3 Trust, S.A. Block
Employees Trust and Karl-Anton Pfeffer (collectively, "the Sellers") ("the
transaction").
Two significant outstanding conditions precedent to the transaction have now
been met:
* The transaction was unconditionally approved by the Competition Commission
(in terms of Chapter 3 of the Competition Act 1998); and
* The final purchase consideration of R121.9 million (one hundred and twenty
one million and nine hundred thousand rand) was agreed to by the parties.
The indicative purchase consideration was adjusted to reflect the warranted
net asset value at 31 December 2011. The changes to the purchase
consideration, as noted above, have no material impact on the pro forma
financial effects of the transaction.
Save as disclosed above, there has been no significant change affecting any
matter contained in the earlier announcement and no other significant new
matters have arisen that would have been required to be mentioned in the earlier
announcement if they had arisen at the time of the preparation of that
announcement.
The acquisition shall become unconditional once all closing date administrative
matters have been finalised.
The acquisition will enable Afrimat to gain a foothold in the clinker supply
market and concrete manufacturing industry in line with Afrimat`s
diversification strategy. Clinker, the main product supplied by the Clinker
Group, has unique advantages to manufacturers of concrete products.
Further announcements will be made once the transaction becomes unconditional.
Johannesburg
7 March 2012
Sponsor: Bridge Capital Advisors (Pty) Limited
Date: 07/03/2012 15:45:01 Produced by the JSE SENS Department.
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